The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1887-06-21

HE Government organ has PUB
lshed a statement Of the loan account,
from which the following facts APP
pear. There have been received from
allotments in Honolulu, 100000, and
from London S4S5,000 and $4,000,
making SS00,000 in all from London.
Expenses Of floating the loan are put
down at S299T0. The Government
state that $4,000 are still to be put
on the London market According to
tins statement there are still 100000
due on the original Sl00Q000 Of loan
already doaJed. Why this has not
been forwarded Is by no means clear.
Moreover. why the bonds We're not
ready when the loan was put on the
market is another point that Is not
clear. 1t VIII also be noticed that the
Government fnancier reckons She soy
ereign as equivalent to S., when as a
fact it is only worth S4.S6 6-10. which
on sum of 100000 would make
very large difference. Is it then.
100000, or Sl,000000 that have been
borrowed, or have 100000 been Dor
rowed, and promise to pay given for
S1,000,000? These are points which
the Government should elucidate as
soon as possible.
Now with regard to the expenditure
of this S1,300,000. Mr.. Spreckels has
had his bonds cancelled and his spe-
cial loan paid back, and interest has
been paid. This sums up as follows:
Bonds recalled and cancelled. sir.
Sprreckels ..,......,;.. -. 100000
Bonds recalled and cancelled, other
parties. ........-.... 81 700
Special loan, Mr.. Spreckeis.......... 10000
National debt, and 9 per ot.bonds 175,9OO
Bonds recalled, Mr.. S .,reckeis 49, 100000
Total ..-.................Ss7O.6OO
Interest has been paid as follows:
Interest on special loan -...... 1856 "A
Interest on national debt. 50947 40
Expense of floating loan. 29,97O 90
Total. ...................... .s89.772 50
This makes total of S96O.372. 50
for repaying old debts, interest and
expenses of floating loan.
According to the provisions of the
loan Act sum of S46,096.01 has been
spent for immigration. What this has
gone for is not very plain. There has
been emigration to the southern seas
in the shape of embassies and men-of-
war, but little or no immigration from
other countries. Probably this NAV
have been paid out for immigration
which took place before the loan was
contracted. Who can tell?
Six thousand three hundred and
fifty nine dollars and fourteen cents
have been spent in electric light, but
as this light surrounds the palace and
one or two approaches to that build
ing. the money can hardly be looked
upon as having been laid out to much
public advantage
There Is, however, a charming item
in the account which the Government
organ publishes 1t reads: "Sundry
disbursements on Loan Account and
cash IN Treasury, S93,O06.47." This
is just like the style of finance the
present Hawaiian Cabinet delight to
deal in. There are only nine items
upon which the loan of S2OOO,OOO can
be spent. OF these nine, l. >. 3. 4. s
and 8 are accounted for in the state
ment published. to what end were the
other three items, Nos. 5, 6 and 7
Jumped together as ''Sundry disburse-
ments' and then have Cash in Treas
ury" tagged on to them. The "Sun-
dry disbursements" are for the fol-
lowing purposes: Harbor, streets
and bridges. If we have been in
formed how much has been snent on